Economic and Social Aspects of Financialization in Hong Kong

This paper explores the topic “Economic and Social Aspects of Financialization in Hong Kong.” It examines the phenomenon of financialization, its emergence and consequences, and its impact on Hong Kong SAR. Such studies are relevant due to the increased interest on the part of economists, traders, and politicians in a large international hub. Hong Kong is one of the fastest growing cities that is successfully recovering from past financial crises. Due to the increased interest in the region, there is a need to study the economic processes of the region. Therefore, the purpose of this thesis is to identify the economic and social aspects of financialization in Hong Kong. Objectives: to study the features of the financial sector of Hong Kong, determine the impact of financialization on the Hong Kong economy, consider its impact on culture: lexical changes, consumer culture. This paper also hypothesizes that there is a process of financialization in Hong Kong. Through statistical analysis, as well as systemic and comparative historical approaches, it was concluded that financialization is not only present in Hong Kong SAR, but could have begun to develop there already in the 1990s, even before the first Asian crisis, thereby marking the beginning of a new stage in development state economy.